Electronic Security Systems Market Share, Growth, Forecast,Industry Outlook
- Electronic security systems are electronic system that are designed to perform security applications such as access control, surveillance, sound an alert within the commercial premises or residential area.
- Electronic security systems are extensively utilized in shopping malls, residential apartments, and commercial buildings. They are also employed in public places for surveillance purposes.
- Electronic security systems are also used in home automation, transportation and manufacturing companies.
- They are utilized as fire recognition systems, attendance record systems, and access control systems to improve security within commercial spaces.
- Manufacturing companies are adopting the electronic security system to prevent major incidents within their manufacturing facilities
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Key Drivers of Electronic Security Systems Market
- Increasing demand for advanced security systems for smart city project across the globe is driving the electronic security systems market.
- Rising awareness about security in residential and commercial sectors is expected to fuel the demand for electronic security systems during the forecast period.
- Furthermore, improving company network structure and expansion of broadband services are expected to enhance the performance of the electronic security system. This offers significant opportunities to manufacturers of electronic security systems and equipment.
High maintenance cost and privacy issues hinder electronic security system market
- Installation and maintenance cost of the electronic security system is high, as it requires periodic maintenance and the system has to be connected to a centralized system
- Companies are investing significantly to maintain their security networks. Electronic security systems are offered by security and networking service providers. In electronic security systems, important and confidential data/information of enterprises is stored in the infrastructure provided by the external service provider.
- Any data breach or leakage of confidential data/information can cause considerable damage to the brand image of the end-user. It can also lead to legal and financial issues.
- Thus, concerns about high maintenance cost and privacy hamper the electronic security systems market.
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North America to hold major share of global electronic security systems market
- North America is expected to hold a prominent share of the electronic security systems market. Rising focus on security concerns fuels the demand for electronic security systems in North America.
- In North America, most enterprises are adopting electronic security systems to improve the security of their remote locations, manufacturing units, and office premises.
- The electronic security systems market in Asia Pacific is projected to expand at a prominent CAGR during the forecast period due to increasing demand for advance security system in Asian countries, such as China and India. China became manufacturing hub of the electronic security equipment. Moreover, rise in construction activities owing to smart cities initiatives in both countries in Asia drive the demand for electronic security systems.
Global Electronic Security Systems Market – Competitive Landscape
- In 2018, Checkpoint Systems Inc. announced the launch of new anti-theft solutions for the global apparel market to provide anti-theft security solutions at point-of-sale for improving the security solutions for apparel market.
- In 2018, eVigilant and Evolver merged to form a new company, Converged Security Solutions. The company provides new advanced electronic security systems on the basis of engineering, design, operation services, and implementation.
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